Economics Concepts Quiz

Economics Concepts Quiz

10th Grade

10 Qs

quiz-placeholder

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Economics Concepts Quiz

Economics Concepts Quiz

Assessment

Quiz

Other

10th Grade

Hard

Created by

Wendy Rillera

Used 3+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic concept refers to the highest level of satisfaction that individuals and organizations seek to attain from their economic decisions?

Productive efficiency

Market power

Utility maximisation

Marginal utility

Answer explanation

Utility maximisation refers to the highest level of satisfaction individuals and organizations seek to attain from their economic decisions.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main goal of productive efficiency?

Maximizing output by any means necessary

Minimizing the cost of production

Optimizing the use of resources to produce the maximum output

Increasing revenue by selling more units

Answer explanation

The main goal of productive efficiency is to optimize the use of resources to produce the maximum output.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of market power?

The additional costs of producing one more unit of output

The extra utility derived from consuming one more unit of a good or service

The ability to influence or control the terms and condition on which goods are bought and sold

The ability to produce maximum output at the lowest possible cost

Answer explanation

Market power refers to the ability to influence or control the terms and conditions on which goods are bought and sold.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does marginal utility refer to?

Producing maximum output at the lowest possible cost

Influencing the terms and conditions of buying and selling goods

Deriving extra utility from consuming one more unit of a good or service

Gaining additional revenue from selling one extra unit in a period of time

Answer explanation

Marginal utility refers to deriving extra utility from consuming one more unit of a good or service.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is marginal cost?

The additional costs of producing one more unit of output

The extra utility derived from consuming one more unit of a good or service

The ability to influence or control the terms and condition on which goods are bought and sold

The ability to produce maximum output at the lowest possible cost

Answer explanation

Marginal cost refers to the additional costs of producing one more unit of output.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does marginal revenue refer to?

Deriving extra utility from consuming one more unit of a good or service

Influencing the terms and conditions of buying and selling goods

Producing maximum output at the lowest possible cost

Gaining additional revenue from selling one extra unit in a period of time

Answer explanation

Marginal revenue refers to gaining additional revenue from selling one extra unit in a period of time.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is allocative efficiency?

The level of output where marginal cost is equal to average revenue

A market structure where many firms offer a homogeneous product

The total amount of money earned by a firm by selling goods and services in a given time period

The inefficient allocation of resources in a free market

Answer explanation

Allocative efficiency is achieved when the level of output is such that marginal cost equals average revenue.

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